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Income Property: Paul & Angela
Paul and Angela need to renovate their single-family investment property into two units so that they can start to cash-flow and purchase a storefront property for their doggie boutiques.
Design Theme: Traditionally Hip
Purchase Price: $720,000
Realtor Appraisal: $1,000,000
Increased Property Value: $280,000
Chosen Renovation Option: $70,000 – Two bedroom, open concept unit with new washroom, kitchen/dining area and deck. $2000 per month plus income from downstairs.
Alternate Renovation Option: $55,000 – Two bedroom unit on the top two floors of the house. $1800 per month plus income from downstairs unit.
Estimated Monthly Rental Income: $2,700
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